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What is renters insurance?
Renters insurance protects tenants by covering their personal belongings, liability, and living expenses if something happens to the rental unit. Your landlord’s insurance only covers the building but not your possessions or your liability as a tenant.
Can condo insurance cover special assessments?
No, standard condo insurance usually does not cover special assessments that your strata may charge for building repairs, upgrades, or maintenance. However, it does include protection for strata deductibles, which is when you are held responsible for paying a portion of the strata’s insurance deductible (for example, after a water damage or earthquake claim).
Do I need water damage coverage in a condo?
Yes, water damage is one of the most frequent and costly condo claims in BC. A burst pipe, appliance leak, or overflow can affect multiple units, and if you are deemed responsible, the strata’s water deductible may be passed down to you. These deductibles can range from $25,000 to over $100,000, depending on the building, so it’s critical to ensure you have enough coverage. We also offer strata water deductible top-up policy to help cover any gaps you might have.
It’s also important to understand that if another unit causes water damage to your unit, their insurance will not pay for your loss. Each unit owner is responsible for insuring their own contents, upgrades, and living expenses.
What does condo insurance cover?
A condo insurance policy typically includes:
- Personal property – furniture, clothing, electronics, bikes, jewelries and more
- Unit improvements & upgrades – custom finishes or renovations
- Personal liability – if you cause damage to another unit or someone is injured in yours and they sue you
- Additional living expenses – hotel stays, meals, and storage if your unit is uninhabitable after a covered loss
- Strata deductible coverage – protection if you are held responsible for the strata’s building insurance deductible (for example, if you caused damage to the common area in the apartment building)
Please see the policy wordings for more details*
How much condo insurance coverage do I need?
You should insure for the full replacement value of your personal belongings, along with protection for unit improvements (such as upgraded floors, countertops, or fixtures) and personal liability coverage.
Condo owners also need to be aware of their responsibility for strata deductibles which are usually water, sewer backup, flood and earthquake deductibles. Earthquake strata deductible is a bit different from others because in the event of an earthquake, the strata’s earthquake deductible is shared among all unit owners. The amount you’re responsible for your unit varies based on your unit’s size, floor level, and location in the building.
Standard condo insurance policies usually cover up to $25,000 of earthquake strata deductible, but in many cases, this amount is typically lower than what owners are actually charged.
InsureBC offers a top-up earthquake deductible policy to provide extra protection, ensuring you won’t be left underinsured or facing a large unexpected cost. Our insurance advisors can help calculate the right amount of coverage for your situation.
How much is condo insurance in BC?
Condo insurance premiums in BC vary based on your unit’s value, location, building type, and the amount of coverage you select. On average, premiums are lower than single-family homes since your strata corporation’s master policy covers the building structure.
Tip: Condo insurance mainly protects what’s inside your unit — your belongings, improvements, and liability.
Are there any discounts available on ICBC auto insurance?
Yes, drivers can take advantage of several ICBC discounts such as good driving record, safe driver discount and low-risk vehicle discount.
Can I switch between ICBC auto coverage plans?
Yes, you can switch between ICBC auto insurance plans at any time. However, you may incur additional charges or fees if you want to make changes to your existing policy. Read more: https://www.icbc.com/insurance/Pages/FAQs.aspx
Can the policy be transferred to a family member?
Yes! If you transfer ownership to any of your immediate family members mid-term, your policy can be transferred to the new owner. The recipient of your vehicle would keep the same policy number, effective and expiry date.
Can the policy be transferred to a new vehicle?
Yes! If you purchase a new vehicle while mid-term in your current policy, we can process a transfer of the policy to your new vehicle. This will generate a new policy, with a new policy number, effective and expiry date. Any unused portion of the premium for your previous policy can be applied to the new insurance premium as transfer credit.
Do I have to buy New Vehicle Replacement insurance when I buy my car, or can I get it later on?
Our unique eligibility guidelines allow for any vehicle that is 5 years old or newer to qualify for New Car Replacement coverage. That means you are not required to have just recently purchased your vehicle to qualify and can purchase a policy any time between your vehicle being brand new, and 5 model years old. There is also no kilometre restriction, just as long as your vehicle has not been driven on average more than 40,000 km a year since it was new.
Do I have to buy the same vehicle as I had previously?
No, after a total loss you are not required to buy the same vehicle as you had previously. You are more than welcome to choose a different or better vehicle, or even take the cash settlement if you’d like, however we will only pay up to the replacement value of the same make, model, and trim package as the vehicle that you had previously. It will be in the most current model year.
What kind of coverage does international business insurance offer?
International business insurance can provide a range of coverage, including property insurance, liability insurance, commercial auto insurance, and workers' compensation insurance. It can also provide coverage for political risk, kidnap and ransom, and other specialized risks.
Who needs international business insurance?
Any business that operates internationally should consider getting international business insurance. This can include businesses that have overseas offices, employees who travel internationally, or those that conduct business with clients overseas.
What is international business insurance?
International business insurance is a type of insurance that provides coverage for businesses that operate internationally. This can include coverage for property, liability, and other risks associated with conducting business abroad.
What happens if the principal fails to fulfill their obligation?
If the principal fails to fulfill their obligation, the surety company steps in and pays the damages up to the bond amount. The principal then has to reimburse the surety company for the payment made.
Can I cancel my surety bond?
Yes, you can cancel your surety bond, but you need to give a written notice to the obligee and the surety company. The cancellation terms and conditions are usually specified in the bond agreement.
How long does it take to get a surety bond?
The processing time for a surety bond application varies depending on the type of bond, the obligee's requirements, and the complexity of the obligation. Generally, it takes a few days to a week to get a surety bond.
What is permanent life insurance?
Permanent life insurance is a type of life insurance that provides coverage for the entire life of the insured. It also has a savings component that accumulates cash value over time.
How much does 20-year term life insurance cost?
When it comes to the cost of 20-year term life insurance, several factors can influence it. Your age, health status, and other underwriting criteria can impact the cost of your policy. While premiums for 20-year term life insurance are typically affordable and cost-effective, the exact amount you will pay may vary. Therefore, for more details on the cost of a 20-year term life insurance policy, it is best to contact your broker.
Who is eligible for 20-year term life insurance?
For term 20 life insurance, most healthy individuals, depending on their age and lifestyle, are generally eligible. A medical exam is often part of the application process. This exam allows life insurance companies to assess the health risks associated with the applicant. 20-year term life insurance rates can vary based on these assessments.
What is 20-year term life insurance?
A 20-year term life insurance, also known as term 20 life insurance, provides a coverage period of20 years. The insured pays regular insurance premiums to the insurance company during this period. If the insured passes away within these 20 years, the company provides a tax-free death benefit to the chosen beneficiaries.
Can I convert my 10-year life insurance policy to a permanent policy?
Yes, you may be able to convert your 10-year life insurance policy to a permanent policy before the end of the term. However, the specifics of policy conversion may vary depending on the insurer and policy, so it's best to contact your broker to learn more details.
How do I apply for 10-year life insurance in BC?
You can apply for 10-year term life insurance in BC by contacting your broker. They can help you choose the right policy and guide you through the application process.
What should I do if I think I've been a victim of identity theft?
If you suspect that you've been a victim of identity theft, act quickly. Contact your bank and credit card companies, place fraud alerts on your credit reports, and file a police report. Contact your broker for more details on what steps to take.
Will Identity Theft Restoration Insurance prevent identity theft from happening?
No, InsureBC's Identity Theft Restoration Insurance cannot prevent identity theft from happening. However, it can help protect you financially in the event of an identity theft event.
Can I purchase InsureBC's Identity Theft Restoration Insurance online?
Yes, you can purchase InsureBC's Identity Theft Restoration Insurance online. Simply visit our website by clicking this link and complete the online application to get a personalized quote.
What is identity theft insurance?
Identity theft insurance is a type of insurance policy that helps protect you from financial losses resulting from identity theft. It typically covers expenses related to restoring your identity, such as lost wages, legal fees, and credit monitoring services.
What should I look for when choosing a boat insurance policy in BC?
When choosing a boat insurance policy in BC, it's important to consider the coverage options, deductibles, and premiums. You should also research the insurer's reputation for customer service and claims handling.
What factors affect the cost of boat insurance in BC?
The cost of boat insurance can vary depending on several factors, such as the type and size of your boat, its age and condition, where you operate it, and your driving record. Other factors may also come into play, such as whether you have safety equipment on board, such as life jackets and fire extinguishers.
An Insider Look at the Insurance Industry
Discover a wealth of knowledge on insurance-related topics, as our team of experts at InsureBC share their insights, advice, and tips to help you navigate the world of insurance with confidence.
The Ultimate Guide to Homeowners Insurance in BC - 2024
Do you know what homeowners insurance covers? And, what types of homeowners insurance coverage exist? Maybe you have heard from your family, realtors or mortgage brokers saying the importance of buying homeowners insurance. But why? If you can’t answer some or none of the questions I’ve asked, this article will help you understand all the important things about homeowners insurance so that you can make an informed buying decision when you’re ready.
